Easing of Tension in Iraq
Sends Crude Off Sharply

Crude-oil futures declined 75 cents a barrel Monday, closing below $13 a barrel for the first time since August, after the U.S. decided over the weekend not to bomb Iraq.

Oil prices are always extremely sensitive to military news in the Middle East, and the latest development leaves the market still stuck with a persistent oil glut. Monday's price decline also raised the question of whether the three-month rally in oil futures is...